Tyme Bank, a South African digital bank intended for the low-income market, reported 7% growth in its customers, reaching 10.7 million users by the end of December 2023.
The bank, which is the first digital bank in Africa to reach profitability, saw its total deposits go considerably from $ 347.1 million in June 2024 to $ 380.2 million in December.
Net progress has also increased from $ 104.6 million to 127.7 million dollars, highlighting the banking financial imprint. Local currency deposits now amount to nearly 7 billion rands.
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“Tymebank is a leading digital bank that has shown constantly higher growth in customer integration compared to international peers. The bank also maintains one of the highest net promoter scores in the industry, reflecting strong customer satisfaction “,” Arc states.
The ARC report recognized a drop in group assessment following an investment in Sanlam, with its fair value going from $ 215.8 million in June 2024 to 189.9 million dollars in December. However, the bank declared a clear gain of just value of $ 1.4 million for the study period.
Despite short -term profitability pressures, Tyme Bank continues to invest in advanced technologies, including artificial intelligence and advanced data analysis, to improve customer engagement and stimulate long -term growth. The bank uses AI tools to improve its service offers, in particular to assess customer solvency. By analyzing consumer behavior, such as grocery spending models, it provides more precise and inclusive loan services, which stimulates financial inclusion in poorly served communities.
Taking advantage of technology to stimulate growth and operational efficiency, the bank progresses rapidly towards sustainable monthly profitability. In particular, following the success of its capital increase in Series in December 2024, the bank remains focused on the widening of its loan portfolio to further strengthen its income generating capacities. Remember that in December of last year, the digital bank officially joined the prestigious Unicorn club in Africa following its successful funding tour of $ 250 million, which estimated the company at $ 1.5 billion.
Founded in 2019, Tyme Bank was aimed at disrupting the traditional banking landscape of South Africa, focusing on the sub-banca segment. The Neobank operates a unique hybrid digital banking model, integrating online services with physical service points. Its main objective is to create digital banks on emerging markets, by providing products such as checks and savings, debit cards, now buy, pay for subsequent services and cash advances. The company currently serves 15 million customers across South Africa and the Philippines.
Since its launch, it has established a substantial physical presence through more than 1,000 kiosks and 15,000 points of sale across the country, helping to extend its customers by offering accessible and affordable banking services. In addition to this physical imprint, the bank has prioritized the financing of small businesses as a key growth engine.
Tymebank attributes its realization to its unique hybrid approach to combination of digital channels with its kiosks without an appointment, made possible by longtime strategic partnerships with retailers, such as Pick N Pay, Boxer and TFG, and loyal customers.
Although it reached unicorn status last year, the back does not show signs of slowing down, because it continues to strengthen its position in the banking landscape of South Africa. Interestingly, the CEO Karl Westvig had previously revealed that the bank had managed to offer its services which are aimed at the poorest communities in South Africa while maintaining financial sustainability.
For the future, the company is targeting a list of New York scholarships by 2028, with plans for secondary registration in South Africa, cement of its leading position in Innovation Fintech of the emerging market.
